In a stark reversal from the previous month’s surge, Canada experienced a significant decline in apparel imports during September 2023, as reflected in the latest official trade data.
The downturn indicates a 13.61 per cent decrease in the value of apparel imports, plummeting from US $ 1.14 billion in August to US $ 979 million in September.
This decline is not confined to a monthly snapshot; it extends to a year-on-year fall, revealing an even more substantial decline of 29.13 per cent in apparel imports compared to September 2022.
Among the top seven apparel-exporting nations to Canada, only Indonesia managed to defy the trend, recording a monthly increase in apparel shipments. In contrast, other major exporters, including India, experienced a drastic decline in their apparel exports to Canada.
India experienced a 10.42 per cent decline in the value of its apparel exports in January to September 2023 period to US $ 297.17 million; whereas Vietnam saw an 8.85 per cent decrease in the value of its exports which valued at US $ 1.17 billion.
Furthermore, Bangladesh witnessed a 12.54 per cent decrease in the value of its apparel exports to Canada which amounted to US $ 1.14 billion during the review period.